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Raleigh, Wake County

Raleigh: Council approves more than $5.6 million for 563 affordable homes

The extra money goes to four developments that already had city help. Staff listed the package at $5,696,000. Fisher Grove, Preserve at Gresham Lake, Duplex Village and Heritage Park 1A Family are the sites.

ConfirmedThe main facts are confirmed by official or first-hand sources.

By Triangle Local Newsroom · Published

Downtown Raleigh buildings under a blue sky

File photo: James Willamor (CC BY-SA 3.0), via Wikimedia Commons.

What we know

Confirmed

  • The City of Raleigh posted that City Council approved more than $5.6 million in additional funding to support construction of 563 affordable homes across four developments.Confirmed by City of Raleigh news post
  • The city's Oct. 20, 2026, afternoon-session agenda listed item G.1 as a second-round Rental Development funding recommendation totaling $5,696,000 for those same 563 rental units.Confirmed by Raleigh City Council agenda, Oct. 20, 2026
  • The city said the awards are part of its second round of Rental Development funding. All four projects had already received city money and asked for more to close gaps from rising market-driven costs.Confirmed by City of Raleigh news post
  • The Oct. 20 agenda said the city released an addendum in June 2026 making about $7.2 million available in that second round. Six applications arrived by the Aug. 14 deadline, asking for more than $11 million. Five of the six had earlier city awards. Staff, working with Wake County's housing department, recommended four conditional commitments.Confirmed by Raleigh City Council agenda, Oct. 20, 2026
  • Council approved $996,000 more for Fisher Grove, which the city said will bring 166 new affordable rental homes, including one-, two- and three-bedroom apartments for households earning between 20 percent of area median income, or $21,180 for a family of two, and 60 percent, or $63,540. The city also listed 34 supportive-housing units and nine homes set aside for referrals from city-approved housing programs.Confirmed by City of Raleigh news post
  • Council approved $2.7 million more for Preserve at Gresham Lake, which the city said will provide 156 affordable rental homes, including one-, two- and three-bedroom apartments for households earning between 30 percent of area median income, or $31,800 for a family of two, and 70 percent, or $74,130. The city also listed 39 supportive-housing units and 20 apartments backed by project-based housing vouchers. It said construction there is already under way in northeast Raleigh.Confirmed by City of Raleigh news post
  • Council approved $1 million more for Duplex Village, which the city said will bring 129 new affordable rental homes on New Bern Avenue. The city said the site is city-owned land and that the apartments are to stay affordable for at least 80 years. The posted income range is 30 to 70 percent of area median income, the same dollar figures as Preserve at Gresham Lake. The city also listed 26 supportive-housing units and seven homes set aside for city-approved housing referrals.Confirmed by City of Raleigh news post
  • Council approved $1 million more for Heritage Park 1A Family, which the city said will bring 112 new affordable rental homes. The city named Brinshore Development, in partnership with the Raleigh Housing Authority, and listed one- through four-bedroom apartments for households earning between 30 percent of area median income, or $31,800 for a family of two, and 80 percent, or $84,720. The city also listed 24 supportive-housing units and six homes set aside for city-approved housing referrals.Confirmed by City of Raleigh news post
  • The four line items on the city's news post match the agenda's $996,000, $2,700,000, $1,000,000 and $1,000,000 figures, which add to $5,696,000.Confirmed by City of Raleigh news post; Raleigh City Council agenda, Oct. 20, 2026
  • The city said the developments support its Affordable Housing Plan, A Home for Every Neighbor.Confirmed by City of Raleigh news post

Still unknown

  • When Fisher Grove, Duplex Village and Heritage Park 1A Family are expected to start or finish construction
  • Whether any condition attached to the commitments is still outstanding
  • The vote count. The city's post says the council approved the awards and does not list the tally

What this means for you

Instructions from City of Raleigh

This site is not the City of Raleigh. For the awards, use the city's housing news post. For the staff recommendation, use the Oct. 20 council agenda. Housing questions go to Housing and Community Development, not this site.

What happened

In Raleigh, City Council approved more than $5.6 million in extra financing for 563 affordable homes at four developments that were already in the city's pipeline.

The housing news post announced the vote. Tuesday's afternoon agenda listed the same package as item G.1, a second-round Rental Development recommendation totaling $5,696,000.

Why more money was added

Raleigh said all four projects had earlier city awards and came back because costs had risen. The agenda put that pressure on higher interest rates and weaker pricing for Low-Income Housing Tax Credit equity.

In June, according to that agenda, officials opened about $7.2 million in a second round. Six applications arrived by Aug. 14, asking for more than $11 million. Staff, working with Wake County's housing department, recommended four conditional commitments.

The four awards

Fisher Grove got another $996,000. Officials described 166 new rentals with one, two and three bedrooms, aimed at households from 20 percent of area median income ($21,180 for two people) up to 60 percent ($63,540). They also listed 34 supportive units and nine set-asides for referrals from approved city housing programs.

Preserve at Gresham Lake got another $2.7 million. Officials described 156 rentals in the same bedroom mix, from 30 percent AMI ($31,800 for two people) up to 70 percent ($74,130), plus 39 supportive units and 20 apartments with project-based vouchers. Work there is already under way in northeast Raleigh, the post said.

Duplex Village got another $1 million. Officials described 129 rentals on New Bern Avenue, on land the city owns, to stay affordable at least 80 years. The income band matches the Gresham Lake listing. They also listed 26 supportive units and seven referral set-asides.

Heritage Park 1A Family also got $1 million. Officials named Brinshore Development, working with the Raleigh Housing Authority, and described 112 rentals that include four-bedroom apartments, from 30 percent AMI up to 80 percent ($84,720 for two people). They listed 24 supportive units and six referral set-asides.

Those four dollar figures add to $5,696,000, the total on the agenda.

Raleigh tied the work to its housing plan, A Home for Every Neighbor. The news post does not say when three of the four sites will open, and it does not list the vote tally.

This site is not the City of Raleigh. Use the city's post and the Oct. 20 agenda for the awards.

Why it matters

These 563 homes are already in the city's pipeline. Tuesday's money is extra gap financing, not a new set of projects. Readers need the city's own dollar figures and unit counts, not a copied rendering.

Updates

  1. Oct 20, 2026, 8:16 PM

    City Council approved more than $5.6 million in added financing for 563 affordable homes at Fisher Grove, Preserve at Gresham Lake, Duplex Village and Heritage Park 1A Family.

Sources

  1. City Council Approves An Additional $5.6 Million to Bring More Affordable Housing Online (more than $5.6 million; 563 homes; second-round Rental Development awards; prior city funding; rising market-driven costs; Fisher Grove $996,000 and 166 homes; Preserve at Gresham Lake $2.7 million and 156 homes, construction under way; Duplex Village $1 million and 129 homes on New Bern Avenue, city-owned land, 80-year affordability; Heritage Park 1A Family $1 million and 112 homes, Brinshore and Raleigh Housing Authority; income bands and supportive-housing counts; A Home for Every Neighbor)

    Official sourcePublished by City of Raleigh · Checked Oct 20, 2026, 8:12 PM

  2. Raleigh City Council regular meeting agenda, Oct. 20, 2026, item G.1, Affordable Housing — Rental Development Applications — Round 2 Funding Recommendation (about $7.2 million in the June 2026 addendum; six applications by Aug. 14 totaling more than $11 million; four conditional commitments totaling $5,696,000 for 563 rental units; Fisher Grove 166 units $996,000; Preserve at Gresham Lake 156 units $2,700,000; Duplex Village 129 units $1,000,000; Heritage Park 1A 112 units $1,000,000)

    Official sourcePublished by City of Raleigh · Checked Oct 20, 2026, 8:12 PM

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